UPDATE: Oppenheimer Reiterates Outperform Rating, Lowers PT on BJ's Restaurants on Lower Estimates

In a report published Wednesday, Oppenheimer reiterated its Outperform rating on BJ's Restaurants

, but lowered its price target from $45.00 to $38.00. Oppenheimer noted, “A lackluster quarter and weak outlook did not provide the Band-Aid needed to stop the stock's bleeding. We again decrease estimates and lower our price target. While we have remained cautious on BJRI near term (despite our long-term based Outperform rating), comp trends to begin '13 are far below our expectations (-0.5%) and so is the continued margin deleverage. Stock will remain weak until investors gain confidence that estimate reductions have concluded and the model is positioned for upside.” BJ's Restaurants closed on Tuesday at $33.10.